Aveo extends gains to 106% after drug maker wins FDA approval for kidney cancer treatment

Doctor medical
  • Aveo shares rose 17% Thursday morning, pointing to a second day of strong gains.
  • The stock climbed 89% in the previous session after the FDA approval its renal cancer treatment.
  • Aveo plans to make its Fotivda treatment available to US patients at the end of March.
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Shares of Aveo climbed 17% early Thursday, stretching their run higher after the company won US regulatory approval for its renal cancer treatment Fotivda. The stock on Wednesday soared 89% and was subject to two trading halts. Shares closed at $US15.28 ($20).

The two-day move higher came after the Food and Drug Administration on Wednesday approved the company’s Fotivda treatment for adults with relapsed or refractory advanced renal cell carcinoma who have received two or more prior systemic therapies.

With the treatment approval, “Aveo begins its journey as a commercial-stage company,” said Michael Bailey, CEO of Aveo, in a statement.

The company plans to make Fotivda available to patients in the US by March 31.